dx = dividend rightspx = principal / priceInk + Ethereum Sepolia

Yield tokenization for capital efficiency

Split one xStock into dx (dividend rights) and px (session-bound price). Lean into yield or hedge it, trade each leg, then recombine to redeem. 8 assets live on Ink Sepolia and Ethereum Sepolia.

Open app Protocol docs

How It Works

From one xStock to two tokens

Dividend-tokenization separates the right to upcoming dividends from principal. Here that split is dx (yield) and px (price), routed through the vault and markets below.

Deposit xStock

Lock a registered xStock (for example AAPL, NVDA, or SPY) in the vault. One deposit, two claims on the same underlying.

Mint dx + px

The vault mints matching dx (dividend rights) and px (principal). Yield accrues to dx; px tracks price for the session-bound exchange.

Route to your market

Hold or trade dx against the dividend schedule 24/7. Trade px with USDC collateral when the equity session is open. Recombine to exit.

Core Technology

Built for yield, not speculation

Yield Tokenisation

Split any xStock

Deposit TSLA, NVDA, GOOGL, AAPL, SPY, TBLL, GLD, or SLV into the vault. One xStock mints 1:1 dx for income and px for price exposure -- two tokens from a single underlying.

Dividend Yield Engine

Accumulate income 24/7

dx accrues rebases, borrow fees, and session settlement fees continuously. Pure income stream with zero price volatility exposure.

Session Protocol

80% of fees flow to dx

Every swap, settlement, and borrow generates protocol fees. 80% distributes to dx holders. 20% funds the protocol treasury.

Token Architecture

Two tokens, two liquidity regimes

Dividend token (dx)

Rebases flow through the vault into dx via an accumulator: px balances do not eat the dividend. Secondary liquidity prices dx against the known schedule and the recombination floor.

Yield

Rebase-linked

Liquidity

24/7

Continuous Dividend Yield

Principal token (px)

px is the levered, session-gated leg: long or short against USDC while the equity session is open, with Pyth marking spot. Positions are not perpetuals; they roll with the protocol's daily cadence.

Exposure

Leveraged spot

Session

NYSE

Leveraged Price Exposure

Use Cases

For every trader

Alice (Income investor)

Wants dividend flow without riding every tick of the equity. Buys dx and lets rebases accrue to dx holders, not px.

Bob (Session trader)

Wants clean price exposure when the cash market is open, without carrying dividend mechanics on intraday px positions.

Carol (Yield stripper)

Splits xStock, sells px for USDC, keeps dx to capture the dividend stream at a basis shaped by the strip.

Dave (Arbitrageur)

Watches dx + px versus xStock. Recombines when the bundle is cheap, splits when it is rich, keeping pools aligned.

8 xStocks

Assets live

24/7

dx market

NYSE hours

px exchange

Pyth

Price oracle

FAQ

Frequently asked questions

Practical answers on dx and px, session rules, and how xStream fits the wider idea: give users the reins to dividend yield.

When you deposit an xStock into the vault, it mints two tokens: dx (dividend token) captures all dividend rebases and trades 24/7, while px (principal token) gives you leveraged price exposure during NYSE trading hours. Together they always equal one xStock.

Connect your wallet, deposit a supported xStock (like AAPL, NVDA, or SPY) into the vault, and receive your dx and px tokens. You can then hold for yield, trade on the exchange, or recombine anytime to withdraw the underlying.

px tokens trade against USDC only during NYSE market hours (Monday-Friday, 9:30 AM - 4:00 PM ET). This session-gating ensures price exposure aligns with the underlying equity market. dx tokens trade 24/7 with no session restrictions.

Dividends flow through the vault's accumulator system exclusively to dx holders. px holders receive zero dividend exposure -- that is the entire point of the split. This lets income investors isolate yield from price volatility.

Yes. Burn equal amounts of dx and px tokens to redeem the underlying xStock at any time. A small recombination fee (0.05%) applies. Arbitrageurs keep the dx + px bundle priced close to the underlying.

xStream is currently live on Ink Sepolia and Ethereum Sepolia testnets with 8 tokenized assets: TSLA, NVDA, GOOGL, AAPL, SPY, TBLL, GLD, and SLV. Connect any EVM-compatible wallet to get started.

Mint/burn: 0.05% of notional. Session settlement: 0.1% of notional. Borrowing: 0.01% per hour of borrowed notional. 80% of all protocol fees flow to dx holders as additional yield; 20% goes to the protocol treasury.

Smart contracts are currently undergoing audit. The protocol is live on testnet for community testing. Always treat DeFi protocols as experimental software and never deposit more than you can afford to lose.

Route yield and price your way

Explore the vault, markets, and docs. The same derivative logic that powers TradFi dividend markets is now composable on-chain -- live on Ink Sepolia and Ethereum Sepolia.

Open app